McGrath RentCorp (NASDAQ:MGRC) Shares Bought by Deutsche Bank AG

Deutsche Bank AG lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 84.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 75,304 shares of the financial services provider's stock after buying an additional 34,518 shares during the quarter. Deutsche Bank AG owned 0.31% of McGrath RentCorp worth $8,420,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of McGrath RentCorp by 1,487.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock valued at $312,000 after buying an additional 2,648 shares during the period. BNP Paribas Financial Markets increased its holdings in McGrath RentCorp by 29.8% during the 4th quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock worth $1,834,000 after purchasing an additional 3,767 shares during the last quarter. Asset Management One Co. Ltd. purchased a new stake in McGrath RentCorp during the 4th quarter worth approximately $3,833,000. One Wealth Advisors LLC increased its holdings in McGrath RentCorp by 40.1% during the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock worth $1,885,000 after purchasing an additional 4,824 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in McGrath RentCorp by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock worth $32,819,000 after purchasing an additional 6,238 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP John P. Skenesky sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the completion of the transaction, the vice president now owns 8,692 shares in the company, valued at $967,593.44. The trade was a 22.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph F. Hanna sold 5,567 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $108.89, for a total value of $606,190.63. Following the transaction, the chief executive officer now owns 176,897 shares of the company's stock, valued at $19,262,314.33. This represents a 3.05% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,871 shares of company stock worth $1,506,731. 1.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC traded up $0.81 during trading on Tuesday, reaching $116.58. The stock had a trading volume of 118,331 shares, compared to its average volume of 180,384. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The stock has a market cap of $2.87 billion, a PE ratio of 12.36, a P/E/G ratio of 1.35 and a beta of 0.66. The firm's 50 day moving average price is $109.40 and its two-hundred day moving average price is $115.39.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. During the same period in the previous year, the business earned $0.93 EPS. The business's quarterly revenue was up 4.0% on a year-over-year basis. On average, research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.66%. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Wednesday, April 16th. McGrath RentCorp's payout ratio is 20.10%.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.